New Jersey’s top auto insurer is dropping its rates for the second year in a row, bucking a trend among some of the largest carriers who have requested premium increases or taken no action, according to insurance department figures.

Last week, New Jersey Manufacturers, the state’s top insurer by number of policies in force, said it is reducing rates an average of 5 percent on new and renewal business beginning today. The company said policyholders will save about $34.6 million in the first year of the decrease alone.

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